USDX (USD Index)
The bullish movement of the U.S. dollar index continued with a new bullish close yesterday. The index is getting near the 103.50 level and the daily SMA 200. As mentioned before, traders will wait for bearish reactions near the resistance levels to enter short positions in the U.S. dollar. At the current time, it is better to stay sidelined and wait until the index reaches the resistance level.
EUR/USD
EUR/USD extended the bearish movement below the 1.1000 level and now getting near to the 1.0900 and daily SMA 200 level. The pair might continue the bearish movement toward both support levels and traders will wait for reactions. If the pair could bounce upward with strong momentum then traders could enter long positions.
Today’s critical levels to watch:
Support: 1.0900, 1.0800
Resistance: 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD is consolidating between 1.3050 and 1.3125 at the current time. The pair might attempt to extend the bearish movement toward the 1.3000 support level or it might break lower to target the daily SMA 200 also 1.2800. Traders will wait for bullish reactions near the support levels for a chance to enter long positions. We think the trend will continue to be bullish and traders better avoid shorting the pair.
Today’s critical levels to watch:
Support: 1.3050, 1.3000
Resistance: 1.3250, 1.3300, 1.3450
USD/JPY
USD/JPY closed higher yesterday but no higher swing high was printed on the chart. The pair seems hesitant to continue the bullish movement as it getting near the 150.00 resistance level. The pair might continue the bullish movement and test the 150.00 also daily SMA 200. Traders will wait for bearish reactions near both levels for a chance to enter short positions.
Today’s critical levels to watch:
Support: 147.00, 145.00, 142.00, 141.00
Resistance: 150.00, 155.00
AUD/USD
AUD/USD consecutive bearish close continue for the fifth day. The pair showed bullish signs today but are limited inside the previous day’s range. It might be a temporary reaction before further bearish movement. On the lower side, the pair will test the 0.6700 support level. If the support level breaks to the downside then AUD/USD could continue toward the daily SMA 200. As long as there is no lower swing low printed on the chart, we maintain the long-term bullish outlook.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500
Resistance: 0.6820, 0.7000